FEMA Appraisals
Federal Emergency Management
FEMA Appraisals are ordered by homeowners who desire to increase the size of their living area have a bit of a challenge when the property is located in a FEMA flood hazard area. In a nutshell, FEMA guidelines only allow you to increase your structure by 50% of the present value. Sounds simple enough but like everything, it’s not that simple. There are many significant components of your property that are not included in the value eligible to be increased by 50%.
Many situations call for a State Certified Appraiser to complete an appraisal on your property to prove the present market value in order to calculate the amount of increase in value allowable under FEMA guidelines. It is imperative that consumers hire an appraiser with expertise in this area. These reports call for the cost approach to value (based on the cost to rebuild less depreciation) that coincides with the sales comparison approach to value (based on recent sales in the market area). If this is not accomplished or if improvements are included in the wrong area, your renovation plans could be turned down by your local municipality.
It is imperative to ask your perspective appraiser if he/she has experience in this area. It is also advisable to retain an appraiser with a designation such as IFA, SRA etc. to insure that he/she has additional education in the appraisal field. Look for additional blog posts that will further explain the FEMA rules in greater detail. Further information can also be found at FEMA.gov. and your local County Appraisers office website.
Priority Appraisal and Mortgage Services Inc. is a residential appraisal firm experience in all areas of residential appraising in the Tampa Bay area. Focused in the Pasco, Pinellas and Hillsborough counties for the past 14 years. At Priority Appraisal and Mortgage Services, Inc. our customers are out priority. We provide fast accurate appraisals in a timely manner. We go above and beyond to fulfill your needs with any and all additional market information to serve your requirements. For more appraisal info visit: http://PriorityAppraisalandMortgageServicesInc.appraiserxsites.com or call Shari Peterman directly at 727-505-6706. I look forward to hearing from you.
